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ESG Enterprise Hybrid Risk Diversification Mechanism Based on Third‐Party Guarantee

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  • Jiaxin Zhuang
  • Yinglin Wang
  • Shengxu Shi

Abstract

To alleviate the financial burden of supporting ESG disclosures, this study introduces third‐party institutions and proposes two alternative models: GFSL (Guarantee First, Subsidy Later) and SFGL (Subsidy First, Guarantee Later). Using evolutionary game theory, it analyzes strategic decisions and compares models through numerical simulations. Results show that subsidy caps and premium levels must be balanced carefully. SFGL suits cases with minimal external influence, while FGS with dynamic incentives fits strong responders. For opportunistic enterprises, SFGL is preferred. This study offers theoretical insights and practical guidance for optimizing ESG subsidy strategies and advancing sustainable finance.

Suggested Citation

  • Jiaxin Zhuang & Yinglin Wang & Shengxu Shi, 2025. "ESG Enterprise Hybrid Risk Diversification Mechanism Based on Third‐Party Guarantee," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(7), pages 4032-4055, October.
    • Handle: RePEc:wly:mgtdec:v:46:y:2025:i:7:p:4032-4055
    DOI: 10.1002/mde.70001
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